- The exchange Paxful has revealed results of a survey that concludes that the adoption of Bitcoin in India has a tremendous potential.
- According to the survey conducted in India, 75% of respondents use cryptocurrencies because of limitations in the banking system, 64.8% to gain financial freedom.
The peer-to-peer Bitcoin exchange platform Paxful published the results of a survey it conducted in India on the future of cryptocurrencies. The results of the survey show what the general sentiment among the Indian population is like, which sectors are most likely to introduce Bitcoin, and where further developments will take place.
Bitcoin adoption in India after crypto ban lifted
In 2018, the Reserve Bank of India (RBI) imposed a quasi-ban on cryptocurrencies by prohibiting crypto exchanges from accessing banking services. However, the ban was lifted in March this year. Since then, India is considered one of the countries that could lead the Bitcoin revolution worldwide.
One of the first issues raised in the survey is the feeling before and after the lifting of the ban in the country. According to Paxful, the general feeling of the Indian population regarding cryptocurrencies was positive and differed from that of the local government:
The trade volume on the peer-to-peer marketplace in February was over 3.2M USD. According to the March survey, 93.8 % of respondents invested in crypto prior to the 2020 ban lift, with 90% of respondents holding Bitcoin and 44% holding Ethereum.
According to data from Paxful, it was determined that 75.8% of those surveyed depend on cryptocurrencies to make transfers due to the “limitations of the banking system”. In addition, 64.8% of the respondents stated that cryptocurrencies are a means of achieving “financial freedom”. The report further states that 51% of respondents follow the global sentiment and claim that cryptocurrencies are able to provide financial freedom to the unbanked.
In that sense, the survey found that 40.4% of respondents prefer to invest in cryptocurrencies compared to 30% who prefer stocks and bonds, 14.20% in real estate and 14% in gold and silver. Among the investors who invest in cryptocurrencies, 90.67% prefer Bitcoin and 44.27% prefer Ethereum, as can be seen from the following infographics.
A majority of respondents believe in the advantages of cryptocurrencies, as shown in the infographics. In addition, Paxful’s results also show optimism about the future of the crypto industry in India. 64% of respondents indicated that companies will benefit from the lifting of the ban and 52.2% responded that retailers will push the introduction of Bitcoin. In addition, Paxful’s findings suggest that respondents would like to see an improved regulation.
They are also heavily calling on regulation with 75.60% of respondents believing that KYC and regulatory frameworks (58.60%) are most important to the continued success of digital assets.
Another important fact is that 43.40% of respondents believe that the number of jobs and opportunities to start a business will increase. Ray Youssef, CEO and co-founder of Paxful, referred to the results of the survey:
India has proved itself as a center for innovation, and we’re excited to see the growth and discoveries they will bring to the industry. India has a lot of potential in all aspects of growth, and are especially interested to see how they utilize peer-to-peer finance now and into the future.